Sotheby's International Realty Affiliates LLC has announced plans to enter China's luxury property market by the first half of next year.
Bloomberg News reports that the company will focus on major Chinese cities, including Beijing and Shanghai. The luxury property sector accounts for roughly 7% of China's residential market, according to Jones Lang LaSalle Inc.
‘We've had a lot of global growth, but we've been very careful with China, because China is such an important emerging economy,’ says Michael Good, CEO of Sotheby's International Realty Affiliates. ‘We think it's very, very important to be measured in our approach and make sure that we better understand the real estate players and the nature of the business in this country.’
This is the latest Asian market for Sotheby's International Realty, which also operates in Hong Kong, Taiwan, Japan, Thailand and Vietnam.